Recap –
Today’s market has shown some good amount of sell off. My bias for today
was sideways to bullish but market went totally opposite but I managed to ride
it as I always mention that below a particular level we can go for short
trades. Hence be prepared with your levels for both sides. The levels for short
given in all three indices has worked pretty well.
Market Context for Tomorrow –
Always be prepared
for both side moves with proper levels. This makes our work easy during live
hours of market. For tomorrow my view is to work on sell on rise till a
particular level which I mention separately in indices below. Also GiftNifty
trading in negative at the time I am writing this blog indicating we can open gap
down and then at every rise we can plan for sell.
Nifty50
–
For tomorrow, we will
be only bullish if Nifty sustains above 19620. Otherwise we can again see sell
on rise till this level is not broken on upside.
If market opens flat
and we see Nifty showing weakness/bearish sign, we can plan for short trade
till PDL.
If Nifty opens gap
down, then wait for some minor pull back before taking trades on downside.
Below PDL Nifty can easily go upto 19300.
Chart
for reference-
BankNifty-
Same context goes for BankNifty.
We will be bullish only if BankNifty sustains above 45200-45220. For
bullish trade wait for atleast thirty minutes to sustain and after looking at
price action take a trade.
If it opens flat of gapdown, any minor pullback can create good
opportunity for taking trade in downside. Targets will be 44700, 44600.
Chart
for reference-
Abbreviations
used in Chart-
PDH – Previous day
High
PDL – Previous day
Low
PWH – Previous Week
High
PWL – Previous Week
Low
PDC – Previous Day
Close
NOTE:
THIS BLOG IS ONLY FOR EDUCATIONAL PURPOSES. TRADE WISELY.
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